After a seemingly long period of silence, the Enterprise Data Management (EDM) Council reconvened to discuss progress in a meeting held by its new Executive Advisory Board (EAB). Still in the ‘research’ phase, the group has come to some conclusions on potential initiatives to focus on, and hopefully will now progress to the ‘action’ phase.
Among the topics discussed by the 20 members of the EAB – including HSBC, New York Life and Nordea – were the long acknowledged need for ROI and data quality measurements as a result of implementing enterprise data management and an understanding of how and where data issues fit into the new organizational hierarchy.
It also believes there is value in best practices across areas such as centralisation strategy, technology migration, understanding data dependencies, defining and meeting service level objectives, data stewardship and operating model maturity. And the group believes there is a “significant desire to address external infrastructure issues related to data vendors (both data manufacturing and commercial strategy), regulation (particularly electronic reporting requirements) and standards (for both precise identification and automated messaging)”.
“We will continue to consult with our Executive Advisory Board to evaluate our recommendations and guide our activities as we make the shift from research to action,” says Mike Atkin, managing director of the EDM Council. “Our main external goal is to define and specify the underlying requirements to help our members leverage data resources as a strategic asset.”